StratoComm CEO says he’s given everything for company

Roger Shearer, the CEO of StratoComm, says he has given everything he has to make the Colonie company a success, despite allegations by the U.S. Securities and Exchange Commission that he tried to dupe people out of their money.

He has no income except for Social Security, and no retirement fund set aside, and he’s in danger of losing his Loudonville home.

After a recent ruling in U.S. District Court in Albany, Shearer is facing the possibility of a huge fine and being effectively ousted as CEO of the company. Lawyers for the SEC are proposing more than $10 million in fines a number based on the amount given to the company by investors, plus interest, in addition to civil penalties.

StratoComm was founded in 1997 to try and develop telecommunications systems for the Third World using small air ships tethered to the ground. The first system has yet to be deployed.

But Shearer says that although the SEC claims he made unfounded promises to investors about the publicly-traded company in press releases, he’s never done anything but try and bring the technology to market and make money for shareholders.

“StratoComm truly represents my life’s work, and I remain committed to making it a success,” Shearer says in a written declaration filed in court by his lawyer on Friday.

Shearer is represented by James Knox of the law firm of E. Stewart Jones in Troy.

“Shearer never sought to systematically delude or defraud any investor,” Knox’s filing states.

Shearer says he and his wife are $70,000 behind on their house payments and could lose the property in a bank foreclosure.

He also notes that he hasn’t raised money from investors since 2010 and that StatoComm has $5 million in debts.

Larry Rulison

One Response

Was this guy also associated with Gateway Commons, Priority Access, and Endpoint Technologies? If so, how did he manage to stay in business? Even better, didn’t his investors do even a simple Google search before they handed over their money?